Statistics from a VA Survey in 2016 show that 1 in 3 Vets don’t know about VA Loans and what they can mean for them when buying a house.
Began in 1944 – the government has been approving companies to fund VA Loans and always guarantees the loan for the bank. This means the loans are provided by private lenders like banks & mortgage companies. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms
In 2017 $188 billion went towards VA loans, $254,000 was the average loan amount & 740,000 total VA loans approved
VA Loans May Be Used To:
Buy a home, a condominium unit in a VA-approved project
Build a home
Simultaneously purchase and improve a home
Improve a home by installing energy-related features or making energy efficient improvements
Buy a manufactured home and/or lot
To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate
To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home
Zero down payment as long as the sale price does not exceed the appraised value
Guaranteed Max: $424,000 (Michigan max for 2017)
No mortgage insurance is require
Competitive interest rates
Backed by the US Government
Easy to quality
No prepayment penalties
Does not expire/reusable
Other possible benefits:
Option to adapt homes for veterans with service connected disabilities
Many states offer tax reductions
Eligible Native American Veterans receive help financing homes on Federal Trust Land
For new homes, 1-year warranty required from builder
Financial counseling available for vets
Qualifying for a VA Loan:
You may be eligible if –
You served 90+ days active duty during wartime
You served 181+ days active duty during peacetime
You were not dishonorably discharged
You are currently on active duty
You are the surviving spouse of a veteran who died during service or because of service-related injuries and are not remarried
Common Documents Needed:
Certificate of Eligibility
If I can help you or someone you know, give me a call at 231-519-1872.
*Data taken from the Veterans Benefits Administration website and may be subject to change. Consult a qualified lender for the most up to date information.
Author:Kelly Pangburn Phone: 231-519-1872 Dated: July 27th 2018 Views: 149 About Kelly: ...
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President, Kelly Pangburn, and her team of seasoned professional REALTORS® have been serving West Michigan since 1995, offering superior real estate services for home buyers and home sellers. Their approach is personal, their office is warm and inviting and their knowledge is unrivaled. Pangburn Properties, Inc., independently owned and operated with the opinion that customers come first. “Helping People Is Our #1 Priority” has been their motto since inception and remains that today. Sincere, honest and trustworthy, the REALTORS® here are truly good people to know.
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